Crypto.com was recently licensed to deal in derivatives by the U.S. Commodity Futures Trading Commission (CFTC), which will allow the American branch, Crypto.com Derivatives North America (CDNA), to sell margin derivatives in the country, according to Finance Magnates.
The CDNA's previous license has been enhanced to a derivatives clearing organization (DCO) license, increasing its remit beyond fully collated derivatives and prediction markets.
Key Takeaways
- Crypto.com has secured a CFTC derivatives license, allowing margin derivatives in the U.S.
- The license reflects ongoing regulatory adjustments as the CFTC explores tokenized collateral and cross-border access.
- Crypto.com is also expanding in Europe through acquisitions to build its derivatives business.
Kris Marszalek, co-founder and CEO of Crypto.com, said the approval gives the company a complete set of CFTC-recognized licenses, allowing it to deliver integrated derivatives services alongside existing products such as spot markets, stocks, custody services, and payment cards. Discussions with the CFTC began in 2023, with Crypto.com having filed its amendment request June 7 of last year.
The approval comes as the CFTC signals a broader shift in U.S. crypto policy. The regulator is considering permitting tokenized collateral, such as stablecoins, in derivatives markets and examining whether European Union MiCA-licensed platforms could operate domestically.
It's also weighing the possibility of permitting the trading of spot crypto asset contracts on registered U.S. futures exchanges.
Underdog partners with Crypto.com for prediction markets
As Crypto.com expands its U.S. regulatory position, Underdog partnered with the exchange to introduce sports prediction markets in 16 states. This development marks a first for regulated prediction products tied to sports outcomes, offering alternatives in jurisdictions without legalized sports betting.
As opposed to conventional sportsbooks, prediction markets do not use bookmakers. Instead, users exchange contracts, the values of which fluctuate based on demand and supply. The product will encompass the NFL, NBA, MLB, and college football, including real-time in-game trading.
Underdog CEO Jeremy Levine said sports-driven demand will anchor the growth of prediction markets, though the sector remains in its early stages. Using Crypto.com's blockchain infrastructure and payments network, the partnership also highlights the increasing role of digital finance in wagering.
Competition is building in this emerging space. In August, FanDuel teamed with CME Group to create financial event contracts, while DraftKings publicly signaled its intent to explore similar opportunities.
Polymarket gains regulatory path back into U.S.
As the battle heats up, Polymarket has completed a $112-million acquisition of derivatives exchange QCX and sister clearinghouse entity QC Clearing under the name QCEX.
Polymarket received a no-action letter from the CFTC, paving the way for the legal operation of event-based prediction markets in the U.S. after more than three years of blocking American users following its shutdown for operating unregistered.
QCX was approved as a designated contract market in July 2025 following a regulatory process that commenced in 2022. This approval followed the conclusion of a federal investigation into Polymarket's previous operations, which included a raid on CEO Shayne Coplan's home in 2024 due to suspicions of unlicensed access to the U.S.
Worldwide, Polymarket provides blockchain markets for politics, culture, and sport, active during the 2024 U.S. presidential election. Cleared to operate after receiving authorization, the company stands ready to reaccess the American market subject to CFTC regulation.
